Which TIIRCC of the following are most likely to reduce the long term credit rating...

The issue of new shares where the funds raised are invested in a project that has an NPV of nil.

The issue of a new bond where the funds raised are invested in a project that has an NPV of nil.

The issue of new shares where the funds raised are invested in expanding into a new nigh risk market.

Loss of a major customer that contributed 30% of sales revenue.

Disposal of a loss-making division where the funds raised will be used to pay a special dividend to shareholders.